Severe weather claims reach record level

According to a report from the Insurance Bureau of Canada (IBC), insured damage for floods, windstorms, ice storms and tornadoes reached $1.9 billion in 2018.

What makes 2018 unique is that there wasn't a single event responsible for the significant losses, such as the floods in Calgary in 2013 or the Fort McMurray wildfires in 2016.

Some of the largest claims stemmed from windstorms in Eastern Canada, which totalled over $700 million, ice storms and floods in Ontario and Quebec, which cost nearly $400 million, and summer storms across the Prairies, which caused over $240 million in damage.

“Climate change is costing Canadian taxpayers, governments and businesses billions of dollars each and every year,” said Craig Stewart, Vice-President of Federal Affairs for IBC. “We must take the necessary steps to limit these losses in the future. The cost of inaction is too high.”